The deal is primarily a first-option agreement between the two parties. ReNu’s role would be to bring green hydrogen projects to HESTA which would then consider co-investing.

“If the parties agree to progress a green hydrogen project _ and jointly invest _ the platform agreement sets out a process and framework for the co-investment, development and funding of such projects,” ReNu said.

ReNu chair Boyd White said the deal provided his company with a co-investment partner that was already highly respected for its commitment to sustainability and responsible investments.

The deal is a potential boost for ReNu subsidiary Countrywide which has a portfolio of green hydrogen projects which it wants to progress. It already has a project in Tasmania with a looming final investment decision.

Countrywide managing director Geoffrey Ducker said the goal in Tasmania was to create an ecosystem for the production, distribution and use of green hydrogen and them replicate the model on the mainland.

“Our project partners are critical to our success,” Ducker said.